Dictionary of Law
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rescind :: legal definition


Rescind - v. to cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a "breach" of the contract and could result in a lawsuit by the non-cancelling party.

See also: rescission and Related Law Terms ↓


Related Law Terms

amend :: v. to alter or change by adding, subtracting, or s ... mended pleading statute stipulation
anticipatory breach :: n. when a party to a contract repudiates (reneges ... perform. See also: breach contract
bilateral contract :: n. an agreement in which the parties exchange prom ... also: contract unilateral contract
commercial frustration :: n. an unforeseen uncontrollable event which occurs ... rustration of purpose impossibility
condition precedent :: n. 1) in a contract, an event which must take plac ... o the property. See also: condition
consideration :: n. 1) payment or money. 2) a vital element in the ... t of a promise). See also: contract
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
liquidated damages :: n. an amount of money agreed upon by both parties ... airness. See also: contract damages
mistake :: n. 1) an error in comprehending facts, meaning of ... time. See also: contract rescission
novation :: n. agreement of parties to a contract to substitut ... . See also: accord and satisfaction
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
party of the first part :: n. reference in a written contract to identify one ... ies another party to the agreement.
promise :: 1) n. a firm agreement to perform an act, refrain ... so: consideration contract covenant
revocation :: n. 1) mutual cancellation of a contract by the par ... c offenses. See also: contract will
severable contract :: n. an agreement which is made up of several separa ... e also: breach of contract contract
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
third party :: n. a person who is not a party to a contract or a ... beneficiary third-party beneficiary
third-party beneficiary :: n. a person who is not a party to a contract but h ... tract as a third-party beneficiary.
unconscionable :: adj. referring to a contract or bargain which is s ... ee also: adhesion contract contract

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - R

race to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgage
Racketeer Influenced Corrupt Organization (RICO) statue :: n. a federal law which makes it a crime for organi ... s to operate legitimate businesses.
racketeering :: n. the federal crime of conspiring to organize to ... ("organized crime" or "the Mafia").
ransom :: 1) n. money paid to a kidnapper in demand for the ... ive. See also: abduction kidnapping
rape :: 1) n. the crime of sexual intercourse (with actual ... See also: date rape statutory rape
ratable :: adj. taxable according to value, such as an estate ... lue, such as an estate or property.
ratification :: n. confirmation of an action which was not pre-app ... mployee). See also: agent principal
ratify :: v. to confirm and adopt the act of another even th ... ligation. See also: agent principal
rational basis :: n. a test of constitutionality of a statute, askin ... imate and constitutional objective.
ready, willing and able :: adj. fully prepared to act, as in performing a con ... o act, as in performing a contract.
real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
realty :: n. a short form of "real estate." See also: real e ... real estate." See also: real estate
reasonable :: adj., adv. in law, just, rational, appropriate, or ... ost of other actions or activities.
reasonable care :: n. the degree of caution and concern for the safet ... . See also: duty of care negligence
reasonable doubt :: n. not being sure of a criminal defendant's guilt ... also: preponderance of the evidence
reasonable reliance :: n. particularly in contracts, what a prudent perso ... the following:." See also: contract
reasonable speed :: n. the speed of an automobile determined to be low ... e speed limit. See also: negligence